Labor pushes Wall St. on card check

The labor movement is taking square aim at Wall Street with a new tool in its fight to pass the Employee Free Choice Act: the hundreds of billions of dollars in pension funds it manages for union workers and retirees, some of it held by the same firms that are fighting the provision known as "card check."

"Has your company made any public statements in support or opposition to EFCA?" asks one of nine pointed questions in a polite, detailed four-page questionnaire.

Story Continued Below

"If 'Yes,' please explain."

The detailed questionnaire has three parts. The first asks about fund managers' public positions, lobbying and political contributions. The second asks managers to "disclose any relationships during the past five years between your company and any organization(s) opposing the passage" of EFCA. The form lists 14 organizations, from anti-EFCA organizations like the Workforce Fairness Institute to trade groups that oppose it, like the U.S. Chamber of Commerce and the Roundtable.

A third passage asked whether other any trade association to which the fund managers belong has taken a position on the bill.

While the survey assures managers that it doesn't intend to impose "requirements or limitations" on their political activity, a cover letter from Teamsters union leaders tells another story: The leaders are concerned, according to a copy of the local's letter obtained by POLITICO, that Wall Street is "undermining the interests" of union retirees.

The letter, from the two top officials of Teamsters Local 507 in Cleveland, Albert Mixon and Carl Pecoraro, who are also trustees of the union's health, welfare and pension funds, says some pension fund managers "are undermining the interests" of the union:

"It has come to my attention that some Wall Street investment managers are raising money, lobbying or contributing to the lobbying efforts of other organizations against the Employee Free Choice Act," the letter began. "In so doing, I believe these managers are undermining the interests of the Cleveland Bakers and Teamsters Pension and Health & Welfare Funds."

"As a trustee, I have an obligation to determine whether our fund's asset managers are engaged in partisan political activity that could adversely affect our fund, its participants and beneficiaries," said the letter, which also "call[s] on you to be a leader among the financial services industry" in supporting pro-labor legislation.

"We feel that our investment managers should be taking a neutral position on this," said Galen Munroe, a spokesman for the International Brotherhood of Teamsters, who said fund managers with ties to EFCA foes wouldn't necessarily be fired. "It's just one of the facts that would go under their overall performance," he said.